Lazard Asset Management LLC Increases Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Lazard Asset Management LLC increased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1,435.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 54,985 shares of the construction company's stock after buying an additional 51,404 shares during the quarter. Lazard Asset Management LLC owned about 0.10% of Primoris Services worth $4,200,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Barclays PLC grew its stake in Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after acquiring an additional 81,111 shares during the period. Redhawk Wealth Advisors Inc. grew its stake in Primoris Services by 6.0% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 36,294 shares of the construction company's stock valued at $2,773,000 after acquiring an additional 2,045 shares during the period. USA Financial Formulas acquired a new stake in Primoris Services in the fourth quarter valued at approximately $27,000. AMI Asset Management Corp grew its stake in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after acquiring an additional 6,350 shares during the period. Finally, Dakota Wealth Management acquired a new stake in Primoris Services in the fourth quarter valued at approximately $539,000. Institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $0.60 during midday trading on Wednesday, reaching $75.40. 119,114 shares of the company traded hands, compared to its average volume of 762,037. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 24.93 and a beta of 1.33. The firm's fifty day moving average price is $62.30 and its two-hundred day moving average price is $72.09.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company posted $0.47 EPS. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PRIM shares. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. Piper Sandler boosted their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. boosted their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $85.75.

Insider Buying and Selling

In related news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 over the last ninety days. 1.40% of the stock is owned by corporate insiders.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.